 "ITC raises stake in Delectable Technologies to 27.34%")
Multi-business conglomerate ITC Ltd has raised its holding to 27.34 per cent in Delectable Technologies, a company that operates the Azgo app and vending machines selling snacks and other fast-moving consumer goods.
ITC informed the bourses on Tuesday that it has acquired on December 20, in the third tranche, 1,964 Compulsorily Convertible Preference Shares of Rs 10 each of Delectable Technologies.
With this acquisition, the company's shareholding in Delectable aggregates 27.34 per cent of its share capital on a fully diluted basis, the company said.
Two years ago, ITC Ltd had agreed to acquire a stake of up to 33.42 per cent in Delectable Technologies Pvt Ltd. It announced that it will pay up to Rs 7.50 crore (USD 1.04 million) in four tranches.
The company had said that the deal will strengthen the presence of its FMCG products in the emerging distribution channel of vending machines.
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